5N Plus Inc. (TSX: VNP), a leading producer and provider of high-purity metals, compounds and wafers for electronic applications, announced today that it has signed a new recycling agreement and three new supply agreements with First Solar, Inc., a global leader in solar photovoltaic technology.
The new agreements, which run until December 31st, 2015, replace the original recycling and supply agreements between 5N Plus and First Solar, as amended.
Under the new agreements, First Solar has agreed to increase the minimum prescribed quantities of cadmium telluride (CdTe) that it will order from 5N Plus. The increase in the quantity of cadmium telluride (CdTe) to be ordered by First Solar will initially be 30% and will reach 60% by 2013, when compared to the minimum quantities prescribed in the original agreements between 5N Plus and First Solar.
5N Plus today also announced plans to build a new recycling plant in Malaysia, in order to position itself to meet growing customer demand. The new Malaysian plant, which is expected to be operational by mid-2012, is intended to expand 5N Plus' recycling presence in Asia and provide recycling services for various solar cell manufacturing by-products, including those produced by First Solar.
"We are very pleased to have extended our relationship with First Solar, the world's leading thin-film solar module manufacturer," said Jacques L'Écuyer, President and Chief Executive Officer of 5N Plus. "Our new agreements with First Solar will provide us with a solid and predictable revenue stream for the next five years and allow us to enhance our presence in the rapidly growing Asian market."